SSR Mining to Acquire Canadian Mining Company Roxmore for US$464 Million

en.Wedoany.com Reported - On October 13, mining company SSR Mining announced that it has signed a definitive agreement to acquire Canadian mining company Roxmore Resources through a wholly owned subsidiary at an estimated cash equity transaction value of approximately US$464 million, obtaining its Converse Gold Project located in Nevada, United States. Under the agreement, Roxmore shareholders will receive CAD 6.75 in cash per share and shares in a newly established mineral exploration company. The transaction is expected to close in the fourth quarter of 2026, subject to approval by Roxmore shareholders and the court.

The Converse Gold Project is located in Humboldt and Pershing counties, Nevada, approximately 6 kilometers from the main facilities of SSR Mining's existing Marigold mine. It holds 526 unpatented mining claims and 7 owned land parcels, covering a total area of more than 5,000 hectares. The mineral resource estimate published by Roxmore in 2026 shows that the project has an indicated resource of 103 million tonnes at an average gold grade of 0.65 g/t, containing approximately 2.16 million ounces of gold; and an inferred resource of 218 million tonnes at an average gold grade of 0.43 g/t, containing approximately 3.04 million ounces of gold.

SSR Mining plans to develop Converse as an adjacent development asset to the Marigold mine, using conventional open-pit mining with truck-and-excavator methods, and configuring a three-stage crushing and heap leach processing flowsheet. Existing metallurgical test work on the project includes approximately 1,000 bottle roll leach tests and 75 column leach tests. The orebodies mainly comprise two gold deposits, North Redline and South Redline, with mineralization extending to a depth of 650 meters below surface and a cumulative mineralized strike length of more than 1.2 kilometers. The company will continue to carry out metallurgical process optimization, environmental baseline surveys, and preparation for mine permit applications.

According to the development plan proposed by SSR Mining, the Converse Gold Project is expected to require initial construction capital expenditure of US$800 million to US$900 million, with production planned to begin in 2033, and is expected to add 150,000 to 170,000 ounces of gold production per year over a mine life of more than 10 years. The company estimates that, compared with standalone development, joint operation of Converse and Marigold could save at least US$200 million in costs over the full mine life, mainly involving on-site management, equipment procurement, and supply chain resource sharing. The development plan remains subject to further technical studies, resource evaluation, and regulatory permits.

The transaction also includes divestiture arrangements for Roxmore's other exploration assets. The Rattlesnake Hills, Shabu River, and Newton projects will be transferred to a newly established exploration company, SpinCo, in which former Roxmore shareholders will hold 85.01% equity and SSR Mining will hold 14.99%. SpinCo will receive US$10 million in operating funds. The cash portion of the acquisition will be funded from SSR Mining's existing funds. The transaction agreement also provides that Roxmore must pay a CAD 18 million termination fee if certain termination conditions are met. Roxmore's directors and major shareholders have made voting support commitments in respect of an aggregate of approximately 26.8% of the shares.